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DB-Europe Monthly ETF Market Review- ETPs AUM reached historic 300bn(euro) mark amid positive equity markets
November 8, 2013-Data in this report is as of 31 October 2013
Global Summary
Markets across the globe reacted positively in October after delay in the tapering of the US Federal Reserve's asset purchase programme and stronger economic data from Europe and China. Global ETP AUM was favourably impacted by this and rose by $94bn to $2.2 trillion (+19.2% YTD) last month. The European ETP industry ended the month at €300.8bn, +7.4% year-to-date.
Global ETP industry continues with strong monthly cash flows recording +$31bn of inflows in October. US domiciled ETFs remain major contributor receiving +$28.3bn of positive flows, followed by Europe with +$4bn and Asia with +$1.3bn flows. Globally, equities saw Inflows of +$34.6bn while commodities and fixed income asset class witnessed outflows of -$2.8bn and -$1.3bn respectively.
European cash flow summary
Europe: Overall strong inflows, Equity ETFs shine
European domiciled ETPs received healthy cash flows in October recording +€2.8bn of inflows. Equity ETFs had the lion’s share in total flows registering +€2.1bn of inflows followed by fixed income ETFs (+€1bn), while commodity ETPs experienced outflows of -€0.3bn. Total ETPs and equity ETFs had their best month in terms of monthly inflows since January 2013.
Within equity, all the segments recorded positive flows for the last month. Developed markets (DM) ETFs reversed previous month outflows and recorded +€1bn of inflows in October (-€1bn in Sep’13). Among other segments, capitalization, style and emerging markets brought +€0.4bn, +€0.3bn and +€0.2bn of monthly inflows respectively.
Fixed income ETFs collected inflows of +€1bn in October, taking YTD total to +€6.9bn. ETFs benchmarked to corporate and sovereign bond indices were the largest cash flows receivers of the month recording +€602mn and +€432mn of cash inflows.
Commodity ETPs continue to shrink and recorded outflows of -€0.3bn over the month of October (-€8.2bn YTD). Gold ETPs led the commodity outflows with -€0.3bn of withdrawals (-€7.8bn YTD).
Other regions' cash flow summary
US: Equity recorded healthy inflows, fixed income and commodities in negative territory
US domiciled ETPs continue to witness strong monthly cash flows during October with +$25.8bn of inflows (+$32.4bn in Sep'13). Equity ETFs ended the month with +$30.6bn cash flows, stronger than previous month (+$27.5bn), while fixed income ETFs and commodity ETVs experienced outflows of -$2.8bn and -$2.4bn respectively.
Within equities, cash inflows were witnessed across the board in October. Primary drivers of the month were ETFs providing exposure to the large caps (+$5.9bn), mid caps (+$4.6bn), broad DM Europe (+$3.3bn), broad DM global (+$2.8bn), US (+$1.6bn), dividends (+$1.5bn), leveraged long strategy (+$1.5bn) and broad EM global (+$1bn). ETFs focused on short strategy (-$0.4bn) and Brazil (-$0.3bn) recorded largest cash outflows for the month.
Fixed income ETFs observed cash outflows of +$2.8bn over the month of October. On a segment level, largest movement experienced by sovereign and corporate bond ETFs recording outflows of -$4.6bn and inflows of +$2bn respectively.
Outflows from commodity ETPs were mainly driven by redemptions from gold ETPs. In total -$1.7bn of outflows recorded by gold ETPs taking YTD total to -$24.8bn.
Asia: Japan focused ETFs continue to receive healthy inflows
Last month, Asia-Pacific ETP market observed +$1.3bn inflows and the YTD monthly flows average ended at +$1.4bn (+$14.2bn YTD in total flows). Total inflows were primarily contributed by equity ETFs collecting +$1.1bn of fund flows.
Within equity, on segment level, developed market (DM) benchmarked ETFs led the tally receiving inflows of +$1.7bn, while emerging markets (EM) ETFs experienced outflows of -$0.5bn. On a sub-segment level, the largest inflows recorded by ETFs came from those providing exposure to Japan (+$1.7bn). Conversely, China, Taiwan and Hong Kong focused ETFs saw outflows of -$0.3bn, -$0.3bn and -$0.1bn, respectively. Leveraged long strategy ETFs also recorded outflows of -$0.2bn in October.
Fixed income ETFs collected +$180mn of inflows in October. Among fixed income ETFs, sovereign ETFs witnessed largest inflows (+$132mn).
request report
Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
S&P lowers France credit rating, cites slow reform pace
November 8, 2013--Standard & Poor's cut France's sovereign credit rating on Friday by one notch to AA from AA+, giving a thumbs-down to President Francois Hollande's efforts to put the euro zone's second largest economy back on track.
All three major rating agencies had already stripped France of its top-grade triple-A status. S&P is the first to downgrade it for a second time, warning that the economic reforms of the past year were not sufficient to lift growth.
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Source: Reuters
EU bids to revive carbon market on eve of Warsaw climate meet
November 8, 2013--EU governments closed ranks Friday in a bid to resuscitate their moribund carbon emissions market meant to combat global warming, just three days ahead of crunch UN climate talks in Warsaw.
The European Union said it would freeze 900 million tonnes of carbon dioxide emissions quotas in the hope of reviving prices on its ill-fated Emissions Trading Scheme (ETS).
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Source: EUbusiness
iShares ETFs to Commence Trading on BATS Chi-X Europe on 18th November
Two iShares ETFs to Mark First Listings on BATS Chi-X Europe
November 8, 2013--BATS Chi-X Europe today announced that the iShares MSCI Emerging Markets UCITS ETF (Ticker: IEEM) and the iShares MSCI World Minimum Volatility UCITS ETF (Ticker: MVOL) will begin trading as secondary listings on BATS Chi-X Europe's Regulated Market on Monday 18th November 2013.
iShares is the exchange-traded funds (ETF) platform of BlackRock, the global asset manager. BATS Chi-X Europe is the largest pan-European equities exchange by market share and notional value traded.
BATS Chi-X Europe CEO Mark Hemsley said "We are delighted to welcome iShares as the inaugural issuer for our pan-European listings service offering these ETFs to our market participants across the pan-European trading community...
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Source: BATS
iShares' UK platform assets up sharply since RDR
November 7, 2013--iShares has seen its assets under management on UK wrap platforms swell by nearly a quarter since the introduction of the Retail Distribution Review, signalling that exchange traded funds are gaining traction in the UK's new fee-based advisory market.
BlackRock's ETF arm reported assets of £1.05bn ($1.69bn) held on nine UK platforms at the end of September 2013, marking a rise of 23 per cent since the end of 2012.
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Source: FT.com
Eurozone PMIs improve but signal weaker 2014 prospects
November 7, 2013--Eurozone business activity slowed in October, but less sharply than thought although by enough to dampen hopes for a strong recovery next year, a key survey showed on Wednesday.
The closely-watched Composite Purchasing Manager's Index (PMI) compiled by Markit Economics fell to 51.9 points in October from 52.2 in September.
But this final reading was better than the initial 51.5 given two weeks ago.
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Source: EU Business
World Bank Infographics-Back to Work
November 7, 2013--The World Bank infographic "Getting Back to Work: Growing with Jobs in Europe and Central Asia" is available.
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Source: World Bank
In blow to Putin, Russia slashes long-term growth forecast
November 7, 2013--Russia acknowledged for the first time on Thursday that its economy would lag global growth over the next two decades, setting the stage for an era of stagnation that could threaten President Vladimir Putin's grip on power.
Economy Minister Alexei Ulyukayev forecast that Russia's economy would grow at an average rate of 2.5 percent during that period-down from an earlier 4 percent and half the rate Putin targeted before his return to the Kremlin last year.
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Source: Reuters
ESMA Approves The DTCC Trade Repository In Europe
Next 90 Days Crucial For The Industry's Readiness To Meet Reporting Requirements
November 7, 2013--The Depository Trust & Clearing Corporation (DTCC) announced today that the European Securities and Markets Authority (ESMA) has approved DTCC's Derivatives Repository Limited (DDRL) to operate a multi-asset class derivatives repository in Europe.
Located in London, with a data centre in The Netherlands, DTCC's European trade repository will support trade reporting mandated under the European Market Infrastructure Regulation (EMIR) which is due to begin on 12 February 2014.
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Source: DTCC
ETP investors boost European exposure
November 6, 2013--Investors in exchange-traded products upped their exposure to Europe in October, with ETPs offering exposure to the region raking in $6.19 billion in flows during the month.
The hefty European ETP flows in October helped push total inflows for equity ETPs offering exposure to the region to $20.59 billion year to date, according to new figures from consultancy ETFGI. By comparison, in the first 10 months of last year, those products attracted net inflows of $5.88 billion.
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Source: Financial News
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